Shame on them! I phoned today to find out my balance when I was advised due to a late payment, my interest rate was raised to 30 %. The balance on my account is $1400.00. I begged them not to do this to me and with this incease my payments would be at $420.00 per month. I am not a deadbeat, I pay all of my bills.
Obviously I cannot afford this. I have been in good standing with them with the exception of 2 late payments over the past 2 years. These "late payments" were only by days, not even weeks. They informed me I needed to have 6 consecutive months before they would lower the rate. That is $2,520.00 in interest alone on a $1400.00 bill.
I even paid both cards off completely in one lump sum last year. They refuse to cooperate with me. I closed out both accounts completely and am not pondering how to deal with this situation. Was relieved to see I am not going crazy. They are doing this to plenty of others. Shame on you!
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